Cybersecurity experts at Halborn have identified zero-day exploits that could put approximately 300 blockchain networks at risk of hacker attacks. According to the analysts, the potential attacks could put digital assets worth at least $25 billion in jeopardy. The firm has been working with the developers of Dogecoin, Litecoin, and Zcash blockchains to address critical faults.
Dogecoin Hires Halborn for Security Check
Halborn was hired by Dogecoin in March 2022 to conduct a comprehensive security check of its source code. During the check, the cybersecurity experts found several critical and exploitable vulnerabilities. It was later discovered that the same bugs were common to more than 280 other networks, putting the digital assets of millions of users at risk.
Key Vulnerabilities Identified by Halborn
Halborn employees have identified three key blockchain vulnerabilities, one of which is considered the most critical. The vulnerability allows fraudsters to “send specially crafted malicious messages to individual nodes, causing each of them to shut down”. This, in turn, could expose the chain to a “51% attack” – a scenario where a hacker controls most of the network or tokens in the staking to create a new version of the blockchain.
Another zero-day vulnerability allows potential hackers to compromise blockchain nodes by sending remote procedure call (RPC) requests. The RPC protocol allows one application to exchange data and request services from another. While the probability of RPC-related exploits is low, Halborn stressed that at least one of the vulnerabilities can be exploited in any blockchain due to differences in the code base of each network.
Developers Address Critical Faults
Halborn has been working closely with developers of affected blockchains, including Dogecoin, Litecoin, and Zcash, to address critical faults. Following Halborn’s security check of Dogecoin’s source code, the developers have worked to fix the vulnerabilities found in their network.
Conclusion
The cybersecurity risks associated with blockchain networks are increasing, and the latest zero-day exploits identified by Halborn highlight the need for greater vigilance in securing digital assets. As Halborn notes, not all vulnerabilities can be exploited in each blockchain, but at least one of the identified vulnerabilities can be exploited in any network. The prompt response by developers to address critical faults is crucial in safeguarding the millions of users who rely on these networks for their digital assets.
